World gold prices are at record highs

World gold prices are at an all-time high, with attention focused on the minutes of the US Federal Reserve meeting and Chairman Jerome Powell's speech for updates on interest rate adjustment plans.

"Gold prices have been quite stable recently. Buyers are expecting a new record price. With the current bullish trend, gold prices could reach $2,665 an ounce," said Yeap Jun Rung, market strategist at IG.

Gold prices have risen more than 20% since the start of the year, reflecting market confidence that the Fed will cut interest rates in September. Aggressive central bank buying and political turmoil in the Middle East have also helped boost prices.

Gold, a non-yielding asset, becomes more attractive in a climate of low interest rates. The Fed is expected to cut interest rates by 25 basis points at its next meeting later this year. Economists are not concerned about the possibility of the US falling into a recession.

Ole Hansen, head of commodity strategy at Saxo Bank, said the decision to cut interest rates will depend on whether new economic data supports the recent slowdown in the US economy.

Investors are watching the minutes of the Fed's July policy meeting and Chairman Jerome Powell's speech at the Jackson Hole conference for clues on next policy.

Meanwhile, silver prices fell slightly by 0.4% to $29.36 an ounce, platinum rose by 0.4% to $957.08, and palladium fell by 0.7% to $925.47.

Fuel markets also saw corrections with Brent crude down 0.86% to $76.99 a barrel and US West Texas Intermediate crude down 0.8% to $73.75 a barrel, reflecting easing political tensions in the Middle East.

Gold Price Forecast

Mark Leibovit of VR Metals/Resource Letter predicts gold prices will continue to rise in the coming period and believes silver has room to rise as well. Adrian Day, chairman of Adrian Day Asset Management, is also optimistic about the outlook for the precious metal this week.

Day said that while the Fed's comments may temporarily cause gold prices to fall, the long-term trend remains upward. He believes that the possibility of the Fed cutting interest rates in September is very high, which will support gold prices.

Adam Button, market strategist at Forexlive.com, recommends buying gold as prices break above resistance levels, especially as Chinese banks are allowed to buy more gold.

However, Marc Chandler of Bannockburn Global Forex believes that gold needs time to consolidate before reaching a new record high. He is waiting for Fed Chairman Powell's speech and predicts that gold will likely rise after a period of sideways movement.

In contrast, Darin Newsom from Barchart.com and Bob Haberkorn from RJO Futures predict gold prices will correct lower this week as technical signals show the market is in "overbought" territory.